Payment Sector Merchants Face Major Hurdles in Emerging Markets
A recent survey has highlighted significant challenges faced by merchants in the payment sector. Limited local payment options and operational hurdles are hindering business growth, particularly in emerging markets.
The study found that 43% of merchants are held back by currency and geographical restrictions, preventing expansion into new regions. This issue is compounded by the fact that 64% of payment partners identify limited local payment methods and operational/technical failures as the biggest challenges for merchants.
These obstacles lead to practical issues for merchants. 57% struggle with payment conversion problems, resulting in abandoned carts and missed sales opportunities. Moreover, 64% experience operational and technical failures with their payment systems. High fees and complex tariffs, encountered by 57% of merchants, also pose challenges, making cost forecasting difficult. Additionally, 21% of merchants grapple with legal and regulatory barriers when working with payment providers.
Tatiana Sokolova, Head of Marketing at SPAYZ.io, emphasizes the importance of convenient and disruption-free payment experiences, especially in high-risk sectors. Despite the challenges, merchants must strive to provide seamless payment processes to enhance customer satisfaction and conversion rates.
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